Now Id like to begin by introducing David Spector, PennyMac Financials President and Chief Executive Officer who will review the Companys fourth quarter and full year 2020 results. The committed pipeline at January 31 was $3 billion. Advances are expected to increase over the next few quarters as many property tax payments become due toward the end of the calendar year. approve of David Spector's performance Founded 2008 Company size 5,001 to 10,000 Revenue $1B to $5B (USD) Industry Banking & Lending Headquarters Westlake Village, CA Link PENNYMAC website Pennymac (NMLS #35953) is a top national mortgage lender with over 4 million lifetime customers. For servicing on your existing mortgage account with Pennymac. Now Ill turn it over to Doug Jones, PFSIs Senior Managing Director and Chief Mortgage Banking Officer to provide you some more details on our mortgage banking businesses. As you can see on page 11 of our slide presentation, correspondent acquisition volumes totaled $56.9 billion in UPB in the fourth quarter, up 28% from the prior quarter and 53% from the fourth quarter of 2019. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX, Chairman/CEO, Pennymac Mortgage Investment. Mr. Kurland was 68. We'll review your feedback and if you chose to be contacted, we will respond within 1-2 business days. David Spector Chief Investment Officer Agoura Hills, California, United States 1K followers 500+ connections Join to connect Penny Mac University of California, Los Angeles Activity Thank you. The committed pipeline at January 31 was $7.9 billion. PennyMac Financial Services' insider roster includes Anne Mccallion (Director), Farhad Nanji (Director), and David Spector (CEO). The firm engages in the production and servicing of U.S. residential mortgage loans. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.29%. This brings the total repurchases year-to-date to approximately $600 million. PennyMac is a mortgage lender and servicer headquartered in Westlake Village, California. We believe the growth opportunities in front of us to be substantial and as we continue to grow our direct lending channels, we expect PennyMac Financials exceptional financial performance to persist through 2021. All of these workflow and technology investments will improve the experience for the consumer and for the broker, improve productivity, specifically in sales and operations, which will enable higher volumes at a reduced cost to originate. PennyMac Mortgage Investment Trust (NYSE:PMT) Q1 2021 Earnings Conference Call May 6, 2021 5:00 PM ETCompany Participants. President & CEO of Pennymac Financial Services Inc (30-Year Financial, Insider Trades) David Spector (insider trades) sold 30,000 shares of PFSI on 01/12/2021 at an average price of $57.43 a share. If you need the payment address, click here. Thank you, Dan. The TipRanks Smart Score performance is based on backtested results. No P&I advances are outstanding as prepayment activity continued to sufficiently cover remittance obligations. 33% of correspondent acquisitions were government loans and 67% were conventional loans. At PennyMac, our commitment to our customers doesnt end at closing. PennyMac Financial Services, Inc. (NYSE:PFSI) Q4 2020 Earnings Conference Call February 4, 2021 4:30 PM ET, Isaac Garden - Vice President Investor Relations, David Spector - President and Chief Executive Officer, Doug Jones - Chief Mortgage Banking Officer. A number of research firms recently issued reports on PFSI. Information on this page was last updated on 3/1/2023. The company was founded by Stanford L. Kurland on July 2, 2008 and is headquartered in Westlake Village, CA. Pennymac's state licenses and important notices. Being one of the Find contact details for 700 million professionals. We also repurchased approximately 1.6 million shares of PFSIs common stock, at an approximate cost of $89.3 million. This chart shows David Spector's buying and selling at PennyMac Financial Services by year and by quarter. Net assets under management were down slightly quarter-over-quarter to $2.3 billion. Chart Data in Insider Trading History Table. PennyMac Financial Services, Inc. (NYSE:PFSI) Q2 2021 Earnings Conference Call August 5, 2021 5:05 PM ET, Isaac Garden - Vice President, Investor Relations, David Spector - Chairman & Chief Executive Officer, Andy Chang - Senior Managing Director & Chief Operating Officer, Doug Jones - President & Chief Mortgage Banking Officer, Dan Perotti - Senior Managing Director & Chief Financial Officer. As Chairman & CEO of Pennymac Financial Services, Inc, David Spector has a total base salary of $1,000,000 . Thank you. Dan Perotti , PFSIs Senior Managing Director and Chief Financial Officer will discuss the financials in more detail later on in this discussion. On Monday, December 12th, David Spector sold 12,750 shares of PennyMac Financial Services stock. Interest rate lock volume was $5.7 billion in UPB, up 4% from the third quarter and 234% from the fourth quarter of 2019. David Spectors most profitable transaction was an Informative Sell of PMT stock on March 22, 2019. Importantly, PennyMac retains the servicing rights and carries an option to repurchase these government-insured loans in the event they become eligible for redelivery into Ginnie Mae securities. Broker originations in July totaled $1.2 billion and locks totaled $1.7 billion. We continue to invest in people, systems and processes across our businesses, laying the groundwork that would allow us to achieve the medium-term goals we outlined in our recent Investor Day. Pennymac has 10 current employee profiles, including President and Chief Executive Officer David Spector. Finally, our Mortgage Fulfillment Division is making enhancements to further automate and improve the production and distribution of loan documents. In January, our consumer direct originations totaled $3.1 billion in UPB and locks totaled $4.4 billion. David Spector Email Address Found 7 email address listings: @pennymacfinancial.com @countrywide.com @pennymacusa.com @pnmac.com @yahoo.com +2 more David Spector Phone Number Found 6 phone numbers: 818-292-XXXX 818-324-XXXX 818-224-XXXX 818-332-XXXX 212-761-XXXX +1 more View David's Email & Phone (It's Free) 5 free lookups per month. StockNews.com raised PennyMac Financial Services from a sell rating to a hold rating in a report on Saturday, February 11th. GuruFocus has detected 8 Warning Signs with PFSI. If youre new to trading, then youve probably heard the wrong thing about optionsthat theyre risky, unpredictable, or difficult. The servicing segment recorded pretax income of $30.9 million, down from pretax income of $141.7 million in the prior quarter and up from a pretax loss of $62.4 million in the second quarter of 2020. Learn More about David A. Spector's net worth. While Kurland had been battling brain cancer, the cause of death was attributed to complications from COVID-19, separate . The expertise of our deep management team, combined with the technology investments we have made, support PennyMac's growth strategy in a changing mortgage market. Thanks, Andy. Total correspondent loan acquisition volume was $46.7 billion, down 9% from the prior quarter and up 56% from the second quarter of 2020. While 2020 was a record, we have a long track record of strong performance. million verified professionals across 35 million companies. On slide 14, you can see the fair value of our MSR decreased by $251 million in the second quarter and included $196 million in fair value losses as a result of higher expectations for prepayment activity in the future driven by lower mortgage rates and a flatter yield curve, as well as an additional $55 million in other valuation declines. Thank you. Our costs vary by channel, ranging from approximately 15 basis points in correspondent to 150 basis points in consumer direct. Follow them so you never miss a recommendation. As David mentioned earlier PFSIs net income was $452.8 million or diluted earnings per share of $5.97. These technology investments are critical drivers to the growth of our direct lending businesses. If you have additional questions or would like to speak with a Pennymac representative, please call (800) 777-4001. We have used our cloud-based technology systems to aid in scaling our businesses to the market and supported that growth with strategic hiring of employees. As you can see on slide 10 of the presentation, consumer and broker direct represented 23% of fallout-adjusted lock volume in the second quarter but accounted for approximately 70% of segment pretax income. Backtested performance is developed with the benefit of hindsight and has inherent limitations. This hiring mostly occurred in three key areas, servicing, direct lending and fulfillment services. PFSI's Board of Directors also declared a second quarter cash dividend of $0.20 per share. Business Incorporated: View detailed PFSI description & address. On Wednesday, March 1st, David Spector sold 26,169 shares of PennyMac Financial Services stock. .This article first appeared on GuruFocus. Please. This balanced business helps generate strong results across a variety of market and rate environments. The committed pipeline at July 31 was $7.2 billion. If you're not automatically redirected, please click here. Thanks, Andy. David A Spector, Pennymac Mortgage Investment: Profile and Biography - Bloomberg Markets Markets Trafigura's Nickel Nemesis Was Already Notorious in Metal Circles The Week Your Saturday UK. {{ userNotificationState.getAlertCount('bell') }}. Roles that David Spector holds in companies, The most profitable trade made by David Spector, List of latest transactions for each holding click on a transaction to see David Spector's performance on stock. Colorado office: 5500 South Quebec Street, Suite 260 Greenwood Village, CO 80111, (877) 215-2552. Recent economic forecasts for 2021 originations range from $3.6 trillion to $4.2 trillion, while average forecast for 2022 originations remained strong at $2.7 trillion. This outstanding income generated excess capital that we redeployed into increased levels of production, share repurchases, reduction of debt, and increased servicing activity. Advances are expected to continue increasing over the next 6 to 12 months. Certain assumptions have been made for modeling purposes and are unlikely to be realized. PennyMac Financial Services, Inc. has a 12-month low of $38.53 and a 12-month high of $73.79. Net income in the fourth quarter was the second highest in the history of the company. 119504607, 119505929, 119506567, 119506570, 119507419. Licensed by the N.J. Department of Banking and Insurance. Get a breakdown of the different strategies based on detected insider trading activity. So, from our home to yours, thank you! The direct lending channels have an outsized impact on PFSI's production earnings, as Andy mentioned earlier. The fair value of our MSR decreased modestly in the fourth quarter, driven by higher-than-expected prepayments, increased projections for short-term prepayments and elevated levels of early buyout activity. The shares were sold at an average price of $60.64, for a total transaction of $1,586,888.16. Production segment pretax income was $572.6 million, down 7% from the prior quarter and up 182% from the fourth quarter of 2019, driven by continued growth in direct lending and strong performance across all channels. This is not a commitment to lend. The estimated net worth of David A. Spector is at least $40.95 million as of March 1st, 2023. While we experienced hedging losses in the quarter, the decrease was more than offset by PFSIs production income. Interest rate lock commitments in the fourth quarter totaled $12.8 billion in UPB, up 18% from the prior quarter, and 135% from the fourth quarter of 2019. PennyMac CEO David Spector to serve as chairmen of its mortgage REIT, financial services The CEO of both PennyMac companies, David Spector (pictured), has added the chairman's title, filling the vacancies created by the death of founder Stanford Kurland. It operates through the following segments: Production, Servicing, and Investment Management. Pennymac Cares | Thank You from President & CEO, David Spector 108,081 views Apr 21, 2020 Right now, we realize the importance of home like never before. The technology based digital marketing platform, coupled with dedicated loan officers and an efficient operating processes, gives PennyMac a strong foundation for continued growth. The dividend yield of PennyMac Financial Services Inc stocks is 0.93%. Backtested performance is not an indicator of future actual results. What was David Spectors latest transaction? January 25, 2021, 12:31 p.m. EST 1 Min Read. Since trades have not actually been executed, results may have under- or over-compensated for the impact, if any, of certain market factors, such as lack of liquidity, and may not reflect the impact that certain economic or market factors may have had on the decision-making process. Finally, transactions like these provide meaningful savings to PennyMac Financial over the life of the loan while providing the opportunity for redelivery in the future. We have long-standing partnerships with several EBO loan investors, with a program in place to buy delinquent Ginnie Mae loans out of securitizations and sell them to these third-party investors. While Stan had retired from day-to-day responsibilities at PennyMac, he remained a trusted advisor and dear friend. If you have an ad-blocker enabled you may be blocked from proceeding. Ill now turn it over to Dan Perotti, Senior Managing Director and Chief Financial Officer to speak to the financial results for the quarter. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. 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